Who is afraid of the Big Bad Wolf ( aka LIBRA ) ?

Apparently , a lot of bankers , financial institutions , legislative assemblies / parliaments / congress / senate / Reserve Banks of various countries , etc etc

And here I was , wondering :

“  How come no one in India has, so  far uttered a single cautionary word against LIBRA ?

 

  Why this conspiracy of a deafening silence ? “

May be they may not have read :

LIBRA : Am I the only one worried ?  …………………………..[  05  July  2019  ]

LIBRA : The coming battle of Currencies ?   …………………[  29  June  2019  ]

 

Forget my own ( novice like ) views in the above-mentioned emails

 

I urge our Policy Makers to read following articles by knowledgeable persons :

     

Facebook's cryptocurrency plan draws ECB's ire on regulation

Facebook’s plan for a digital currency called Libra has policy makers scrambling.

Highlights :

Financial regulators must act fast to prepare for the push by US tech giants such as Facebook into the financial system, according to European Central Bank Executive Board member Benoit Coeure 

“It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous,” Coeure said on Sunday in Aix-en-Provence in southern France.

“We have to move more quickly than we've been able to do up until now.” 

Facebook’s plan for a digital currency called Libra has policy makers scrambling. The UK’s three main financial regulators are working together on how best to respond

 

The plan has also drawn fire in Washington, with more than 30 groups influential with Democrats demanding a halt to the project to deal with the “profound questions” it raises.

David Marcus, the executive leading Facebook’s Libra and blockchain efforts, will testify before Congress this month on the initiative. 

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Then, our Policy Makers may want to read :

Facebook Libra Backlash on Many Fronts

Highlights :

#    The obvious problem with Facebook is most global users don’t trust it with their private

      data, so how could they trust it with their financial data in the future ?

#  French Finance Minister Bruno Le Maire said Libra shouldn’t be allowed to become a

    sovereign currency, while a

    German member of the European Parliament said Facebook could become a “shadow

    bank”, according to LinkedIn

#  By trying to bank the unbanked and vulnerable in developing countries, Facebook’s Libra

     could be a kind of shadow banking  

#  By using a stablecoin to incentivize Advertising consumption, Facebook’s Libra could

    endanger how the future of the internet is monetized.

#  By increasing convenience for token investments and token economy utilization,

    Facebook’s Libra could replace reliance on fiat currencies, which could have

    dangerous impacts on the global economy, i.e. in some countries that are inflation prone

    Libra could disrupt fiat systems, leading to negative economic impacts

#  If widespread adoption occurs, Facebook’s Libra’s cryptocurrency could be part of a

    master-plan by some for a global digital currency

#  Facebook’s Libra cryptocurrency will face privacy and money laundering

    concerns that will be imperfectly regulated and nearly impossible to moderate properly.

#  The Libra Association could become too powerful in influencing how consumers do

    payments by forming a monopolistic shadow council on how digital currency adoption

    and payment standards globally evolve in the token economy.

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Also do read :

Facebook’s New Competition: The U.S. Dollar

The company’s new cryptocurrency is designed to blow up the global financial system

Highlights :

#  Previous reporting has suggested that the Indian WhatsApp users, who will be able to use

   the cryptocurrency for no- or low-fee money transfers, and Facebook has apparently, and

   uncharacteristically, been wooing regulators  and  central bankers around the world to

   smooth the coin’s landing

   [  Madam Sitharamanji ,  please  watch  out  what  seems to be happening – secretly ? ]

#  How, precisely, users will exchange Libra for physical currency remains to be seen,

    though the most likely option is that Facebook partners with a cryptocurrency exchange,

   and the Information reports that there are plans for “physical terminals similar to ATMs.”

#   Facebook is already working on creating its own private supreme court, after all; why

     wouldn’t it want its own private, independent central bank as well ?

#  Facebook wants to enter, and own, the cross-border payments market.

    If it is indeed launching in India, it’s not as part of a test run but because nearly $80  

    billion in remittances were sent to India in 2018 ;

    With more than 200 million Indian WhatsApp users already, the company is well-

    positioned to make its apps , and its currency, the method of choice for international

    money transfers to India — and, eventually, the world

    {  Game Plan revealed  !  Indian Policy Makers,  please note !  }  

   

#   Facebook reportedly won’t charge transaction fees for peer-to-peer payments. That’s a

     very bad way to make money, but, as Facebook knows well, it’s a very good way to

     entice new users into your network, and, in turn, to convince stores, restaurants, and

     other businesses to set up to accept Globaclcoin in payment

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Madam Sitharamanji :

If pitched NOW ( in the manner of “ take it or leave it “, I am sure, Facebook will agree to sign and implement :

Digital Dividend from Demographic Data [ 4 D ] 

 

It is simply a question of :

 

#   turning an opponent’s own strength to conquer him  

#   converting an apparent threat , into an invisible opportunity  

#   hitting on the  head while iron is hot   

======================================================  

#  This is the medium-term plan for Libra:

     To compete not just with money-transfer businesses but with credit-card companies

     using cross-border payments as the beachhead for all payments everywhere

     You receive a no-fee Libra payment from an expat family member, and then use that

     Libra to pay back a friend, who in turn uses the Libra to pay for a Chicken Maharaja Mac

     at the local McDonald’s

     .

     

#  Like any megaplatform, Facebook wants to be infrastructure: a service so important to

    daily life that most people have no choice but to use it. But Facebook in 2019 is

    increasingly easy for Americans and Europeans to quit without particular consequence, in

    a way that Google, say, isn’t.

#  Once you’ve got a usable digital currency, why would you want to “get into” other

    currencies? I use dollars every day, but don’t spend a lot of time buying up euro and yen

#  But if you think Facebook is powerful now, just wait until it’s, essentially, the global

    federal reserve, overseeing a global currency over which it has not just monetary control

    but a visible, mineable record of every transaction made.

    Maybe Globalcoin would have been the right name after all.

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08  July  2019

Rsvp :  hcp@RecruitGuru.com